Black-owned businesses have been thriving this year. Whether it’s retail, hair and beauty, food, or liquor, there are more Black entrepreneurs than ever, and many are creating successful businessmen and women.
Despite the news, many Black entrepreneurs struggle to find seed money, bank loans, expansion funds, credit, and more. According to Forbes, 46% of Black business owners say they’ve faced issues accessing capital, and other challenges, 39% do not feel adequately informed about how to apply for money, 38% don’t have a relationship with a lender or bank, and 21% don’t know where to apply for capital.
For Black Business Month, BLACK ENTERPRISE has compiled a list of financial resources for Black entrepreneurs.
Loans And Grants
Founders First CDC
Lendistry
Lendistry works with its nonprofit organization, The Center by Lendistry, to connect its small business customers with technical assistance, business courses, business advisers, and access to other programs and services. The organization also features testimonials from entrepreneurs who have applied for and received funds.
Businesses Accelerator Programs
For those who already have their business off the ground, you may be looking for an accelerator program to take your business to the next level. Here are a few business accelerator programs to help.
Amazon
If you’re an entrepreneur in the retail industry, the Amazon Black Business Accelerator Program is dedicated to helping build sustainable growth for Black-owned businesses by explicitly targeting barriers to access, opportunity, and advancement.
Amazon’s Business Accelerator provides financial assistance, including business education and coaching and marketing and advertising support for Black entrepreneurs.
Goldman Sachs
Goldman Sachs has two business programs, including one specifically for Black women.
The program’s next cohort is set for September through November this year. Those interested in the program can fill out a survey and receive emails about future opportunities for the program.
Google For Startups Black Founders Accelerator
Applications are open, and the winners will be selected later this year. Companies participating in the program include 4Degrees, Beam City DNA, and EDLight.
Other top business accelerator programs include Seed Spot, Tumml, and the Coalition To Back Black Businesses.
Venture Capital Firms
There are a large number of Black investors these days looking for the right company to get in on. Everyone from Black celebrities to those in the finance industry has opened venture capital firms in recent years to help Black entrepreneurs realize their dreams. Here is a list of VCs and investors that can help turn your idea into something special and provide financial help.
Black Angel Tech Fund
The Black Angel Tech Fund is a VC firm founded by Black entrepreneurs and investors focusing on seed funding for early-stage technology companies. Black Angel’s investments include On Second Thought, a patented mobile delay/recall technology allowing users to take back transactions before they get to the other person, and Ceek VR, a next-generation Virtual Reality platform.
Those interested can email them or register on the fund’s homepage to get updates and information.
Harlem Capital Partners
The New York-based firm Harlem Capital Partners focuses on early-stage minority startups. The firm aims to create generational wealth for women and people of color. Forty-three percent of the companies Harlem Capital has invested in are women-owned, and 61% are Black- or Latino-owned.
Black news sites Blavity, Fixt and Chatdesk are among Harlem Capital’s 51-investment portfolio. Those interested can fill out Harlem Capital’s investment form to pitch your idea.
Serena Ventures
Last year, Serena Ventures raised $111 million in a funding round, and its portfolio includes Juno Healthcare, Lolli, Nestcoin, and Infinite Objects. Entrepreneurs interested in Serena ventures can fill out its pitch form.
Other VC firms that support Black and female entrepreneurs include Digitalundivided, Impact America Fund, Cross Culture Ventures, and The Fearless Fund.
BLACK BUSINESS MONTH: 3 Black Business Leaders Who Are Paving The Way In Non-Traditional Industries
Source: Black Enterprise
